This Week's Dallas-Fort Worth Deal Sheet

The Star District in Frisco will welcome five new tenants early next year. 

According to a news release last week, the additions include Lombardi Cucina Italiana, a new concept from Alberto Lombardi, owner of Toulouse and Penne Pomodoro; restaurant and cocktail bar The Glen and Monarch Stag; Sidecar Social, a lounge offering foods, drinks, karaoke, live music, games and more; Snowbird Cocktail Lounge & Kitchen; and Roti Grill, a fast-casual Indian eatery.

These tenants, along with upscale barber The Gents Place, which opened in late October, comprise more than 40K SF leased at The Star District between July and November, per the release. 

The Star District is a 91-acre campus located in the northwest quadrant of Warren Parkway and the Dallas North Tollway. The district is home to the Dallas Cowboys World Headquarters.

PEOPLE

Trammell Crow announced David Neuman was promoted to president of European operations. Neuman will oversee the firm’s European development businesses, including Telford Homes and European Logistics. He joined the firm in 2006 and was promoted to managing director in 2020.

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JLL announced Tiffany Angelle as the new healthcare and life sciences executive vice president and Jayme Schutt as senior vice president of corporate workplace strategy. Angelle will spearhead the healthcare division’s tenant representation team for the south-central region. Schutt will work alongside brokers to help clients envision ways their spaces can meet their needs.

SALES

EPC Promecap Multifamily Partners V LLC, a newly launched joint venture between Eagle Property Capital Investments LLC and private equity firm Promecap, acquired two apartment communities in DFW. The first, the 466-unit Enclave at Prestonwood, is located at 5930 Arapaho Road in Dallas. The second, Residences at Mesa Ridge, comprises 39 two- and three-story garden-style buildings at 1051 Centerville Road in Garland.

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Disney Investment Group announced that it brokered the sale of Valley Ranch Centre, a more than 111K SF shopping center at the southeast corner of MacArthur Boulevard and Belt Line Road in Coppell. David Disney and Adam Crockett of DIG represented the seller and procured PMAT, an out-of-state buyer.

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JAH Realty announced the acquisition of Preston Parkway Center, a more than 62K SF shopping center at the northwest corner of Preston Road and West Plano Parkway in Plano. The seller was Toronto-based Great Gulf, and the sale was brokered by Dallas-based John Freese & Associates.

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Colliers facilitated the sale of APEX, a multi-tenant office property along President George Bush Highway at Independence Parkway in Plano. An undisclosed institutional buyer acquired the more than 186K SF property for an undisclosed amount from a joint venture of Champion Partners and CrossHarbor Capital Partners. Creighton Stark and Chris Boyd with Colliers facilitated the transaction. 

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Fort Capital announced two acquisitions in the DFW area. The first is the more than 190K SF Shoreline Business Park, which houses four Class-A industrial buildings in Arlington. The second is Ballpark Circle, also in Arlington, at 1401 and 1501 Nolan Ryan Expressway. The two Class-A assets comprise more than 236.5K SF.

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California-based Buchanan Street Partners acquired The Jameson at the Bluffs, a 387-unit Class-A multifamily community in Fort Worth. The seller, StoneHawk Capital Partners LLC, was represented by Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Jeff Kindorf of Institutional Property Advisors.

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Florida-based Atlantic Pacific Cos. announced the acquisition of Highland Park West Lemmon in Dallas. The 372-unit mid-rise residential property will be renamed The Atlantic Highland Park after it undergoes a multimillion-dollar renovation project by Atlantic Pacific Management.

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HLC Equity announced the purchase of Elan City Centre, a 330-unit, Class-A, infill multifamily community in Farmers Branch. The 250K SF property will be rebranded to Layers Galleria. The transaction was brokered by Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of the Institutional Property Advisors of Dallas.

CONSTRUCTION AND DEVELOPMENT

Adolfson & Peterson Construction and developer Billingsley Co. broke ground on another phase of International Business Park in Plano. The five-story, 250K SF building is located northwest of the intersection of President George Bush Highway and the Dallas North Tollway. International Business Park is a 300-acre master-planned campus with 11 buildings and 1.4M SF.

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The city of Garland and RMR Estate LLC partnered on a 10-acre development project at South Jupiter and West Kingsley roads in Garland. The project will house the headquarters and operations center for Boardwalk Paving and Construction, owned by Mark Russell. It will also include a 30K SF redeveloped and expanded retail space. The development will more than double Boardwalk’s current facility and is expected to cost nearly $15M. 

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Palladium USA closed financing and is now constructing its $26M Embree Eastside by Palladium, a mixed-income apartment development at 536 Davidson Drive in Garland. The three-story, 107-unit development will accommodate residents with earnings between 30% and 60% of area median income. A quarter of its units will be offered at market rate. 

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Sovereign Properties and Invest Capital Group hosted a ribbon-cutting for Atlantica at Burleson, a 217-unit multifamily property located at 285 Southeast John Jones Drive in Burleson. The $40M project broke ground in January, and its first building and clubhouse will open by the end of December. The rest is expected to be delivered by June. 

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High Street Residential, a subsidiary of Trammell Crow, and JV Partner Principal Real Estate Investors broke ground on Legacy Square, a 363-unit multifamily development in Plano. The first units will open in late 2022. The entire project is slated for completion in June 2023. 

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Real estate investor and developer AMAC broke ground on a new luxury multifamily development at 120 East Main St. and 127 South Mill St. in Lewisville. The project includes 203 rental apartments across two buildings as well as three retail spaces. It is expected to be complete by fall 2023. The project was financed through a $29.3M construction loan from Truist that was arranged in-house by Hamir Ramolia of AMAC.

FINANCING

Culby Culbertson of Terrydale Capital arranged for a $2.53M loan for an undisclosed buyer for a multifamily property in Grand Prairie. The loan includes a 3.6% fixed interest rate for five years and a 30-year amortization.

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Culby Culbertson of Terrydale Capital arranged for a $1.24M loan for an undisclosed buyer for a multifamily property in Arlington. The loan includes a 5.99% fixed interest rate for two years.